MoraBanc and Banco Sabadell start discussions to create the leading Andorran banking entity in terms of domestic business, profitability and solvency

MoraBanc and Banco Sabadell start discussions to create the leading Andorran banking entity in terms of domestic business, profitability and solvency

MoraBanc has entered into discussions with Banco Sabadell, BancSabadell d’Andorra controlling shareholder, to analyse on an exclusive basis the integration of Banco Sabadell’s Andorran banking business with MoraBanc in order to create the leading banking entity in the Principality of Andorra with regard to the main domestic business metrics, profitability and solvency.

The resulting entity would hold a highly capitalised and robust balance sheet to continue supporting the recovery of the Andorran economy. In addition, the integration would enable the combined entity to significantly increase its investment in technology to best adapt to future challenges as well as continue improving its value proposition to clients.

The Andorran Financial Authority has been duly informed and BancSabadell d’Andorra minority shareholders would have the right to be adhered to the transaction on the agreed terms with Banco Sabadell.

The Andorran banking business activity of the Spanish bank has been carried out for twenty years through its subsidiary BancSabadell d’Andorra, an entity that shares with MoraBanc a solid profile, high solvency levels and strong socioeconomic base, coupled with continued profitability growth. The transaction would result in a banking group with more than 9.8 billion euros in assets under management, 1.5 billion euros in loan book and leading solvency ratios in Andorra.